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Canadian Platinum Corp. ("Canadian Platinum" or the "Corporation") (TSX VENTURE:CPC) is pleased to report that recent exploration efforts have uncovered the presence of a high priority target anomaly on the Flin Flon South Project (the "Project"). Recent Borehole Pulse EM Surveys reveal the presence of a strong off-hole conductor at the end of recently completed drill holes 33 and 34, 1.7 kilometres west of the historical Westarm Mine. The Flin Flon South Project is composed of 2 claims for a total of 17,386 acres south of the town of Flin Flon, Saskatchewan.

The Project lies approximately 15 kilometres south of a prolific mining camp near the town of Flin Flon that has produced over 100,000,000 tonnes of Copper-Zinc ore. The 777 Mine, the newest addition to the Flin Flon mining camp area has 4.4 million tonnes of proven reserves grading 3.1% copper, 4% zinc, 2.4 g/t gold, and 25.7 g/t silver, with probable reserves of 11.2 million tonnes grading 2.1% copper, 5% zinc, and similar grades of precious metals to the proven reserves.

Dave Koop, President of Koop Geotechnical and the firm conducting the surveys states "We have modeled this off-hole anomaly with a high conductance source with dimensions in excess of 300m x 300m below the holes that were surveyed. Kevin Ralph, the Chief Geophysicist at Crone, was the Geophysicist overseeing the data. I believe this is a bona fide Category A target. I am encouraged by these results and look forward to further delineating the nature of this anomaly especially since this project is within close proximity to a region that has produced several mines". Koop Geotechnical used the Crone Geophysics Borehole PULSE EM System, the same system HudBay Minerals used when they found the Lalor deposit in the Snow Lake region.

The area of the recent drilling and the subsequent Borehole Pulse EM anomaly was targeted after anomalous values were obtained from a mobile metal ions ("MMI") sampling program. MMI's geochemistry is a proven geochemical exploration technique known to find mineral deposits.

A DeepEM geophysical survey is planned to define the borehole anomaly and the other VTEM geophysical targets in the area. The company has therefore asked Koop Geotechnical Services to perform a deep penetrating Surface PULSE EM survey. As soon as the modeling results of this survey are in, drilling will commence sometime in February 2012.

Canadian Platinum Corp. is a Calgary, Alberta based corporation engaged in the exploration of platinum group and base metals in Canada. For further information please contact:

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Certain statements contained herein constitute forward-looking statements. Such forward-looking statements are subject to both known and unknown risks and uncertainties which may cause the actual results, performances or achievements of the Corporation to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. The forward-looking statements included in this press release are made as of the date of this release and except as required by law, the Corporation does not undertake any obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

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